ECON 110 ZIRLOTT STUDY GUIDE REVIEW 2026 ACCURATE ANSWERS GRADED A

ECON 110 ZIRLOTT STUDY GUIDE REVIEW
2026 ACCURATE ANSWERS GRADED A+

◉ How can you tell if a point on a graph is inefficient? Answer: its
inside the curve


◉ Justin decides to spend an additional hour working overtime
rather than playing football with his friends. he earns $6 an hour for
his hour's work. his opportunity cost is... Answer: the enjoyment he
would have received playing football with his friends


◉ Peter and Olivia work for a clothing store called Alternate Reality
making both jeans and t-shirts. Peter can make 40 t-shirts in one hour
or 10 pairs of jeans in one hour. Olivia can make 30 t-shirts in one
hour or 15 pairs of jeans. Based on this info, answer:
-Who has the absolute advantage in making t-shirts and who has the
absolute advantage in making jeans? Answer: Peter has absolute
advantage in tshirts
Olivia has absolute advantage in jeans


◉ Peter and Olivia work for a clothing store called Alternate Reality
making both jeans and t-shirts. Peter can make 40 t-shirts in one hour
or 10 pairs of jeans in one hour. Olivia can make 30 t-shirts in one
hour or 15 pairs of jeans. Based on this info, answer:

,-the opportunity cost of 1 t-shirt for Peter is... Answer: 1/4 or 0.25
pairs of jeans
(How: 10 jeans/40 t-shirts = 10/40 = 1/4)


◉ Peter and Olivia work for a clothing store called Alternate Reality
making both jeans and t-shirts. Peter can make 40 t-shirts in one hour
or 10 pairs of jeans in one hour. Olivia can make 30 t-shirts in one
hour or 15 pairs of jeans. Based on this info, answer:
-the opportunity cost of 1 pair of jeans for Peter is... Answer: 4 t-
shirts
(How: 40 t-shirts/10 jeans = 40/10 = 4)


◉ Peter and Olivia work for a clothing store called Alternate Reality
making both jeans and t-shirts. Peter can make 40 t-shirts in one hour
or 10 pairs of jeans in one hour. Olivia can make 30 t-shirts in one
hour or 15 pairs of jeans. Based on this info, answer:
-the opportunity cost of 1 t-shirt for Olivia is... Answer: 1/2 or 0.5
pairs of jeans
(How: 15 jeans/30 t-shirts = 15/30 = 1/2)


◉ Peter and Olivia work for a clothing store called Alternate Reality
making both jeans and t-shirts. Peter can make 40 t-shirts in one hour
or 10 pairs of jeans in one hour. Olivia can make 30 t-shirts in one
hour or 15 pairs of jeans. Based on this info, answer:
-the opportunity cost of 1 pair of jeans for Olivia is... Answer: 2 t-
shirts

, (How: 30 t-shirts/15 jeans = 30/15 = 2)


◉ Peter and Olivia work for a clothing store called Alternate Reality
making both jeans and t-shirts. Peter can make 40 t-shirts in one hour
or 10 pairs of jeans in one hour. Olivia can make 30 t-shirts in one
hour or 15 pairs of jeans. Based on this info, answer:
-who has the comparative advantage in making t-shirts and who has
the comparative advantage in making jeans? Answer: Peter has CA in
t-shirts
Olivia has CA in jeans


◉ peanut butter and jelly are complements for many consumers.
consider the market for pb and jelly. if there is an increase in the
price of jelly...
there will be a ____________ shift of the _____________ curve for
_______________. Answer: there will be a LEFTWARD shift of the
DEMAND curve for PEANUT BUTTER


◉ the property of distributing output fairly among society's
members is called Answer: equity


◉ an economic outcome is said to be efficient if Answer: the
economy is getting all it can from the scarce resources it has available


◉ which economist is credited with the concept of comparative
advantage Answer: david ricardo